Mortgage with 10% down?

Asked by Amwagner, Pacific Palisades, CA Tue Jan 29, 2013

Our mortgage broker has us approved for a $1,100,000 loan with 15%down, but we only have 10%. Are there options out there for us? Are there mortgage brokers that are better than others with more resources? We are in Los Angeles.

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Thierry Abel’s answer
Thierry Abel, Mortgage Broker Or Lender, Corte Madera, CA
Tue Jan 29, 2013
Are you already in contract?
Do you have a relative that could help you with that extra 5%?
Did the loan broker factor in the reserve requirements (post closing)? The 10% might not be all your need because for Jumbo size loans, the lender would most likely want to see 6 mos worth of PITI in reserve.

We do offer 90% combined loan to value loan for up to 1.375 Mil., We will do 80% first (if you have 740 minimum fico) and are OK with a 10% second lien behind our first...(I just do not who will do that loan...most likely Private Money, Seller Carry Back, Employer 2nd..etc. But regardless of whether the lender of the 2nd lien is a private-party individual or an institution, a copy of the note will be required and would have to meet certain parameters...

Fee free to call me for further details (we do loans anywhere in CA)

Thierry Abel
Senior Loan Consultant
All California Mortgage
A Division of APMC
P: (415) 464-8261
C: (415) 378-7508
F: (415) 464-2367
E: tabel@allcalifornia.com
NMLS 304353 - DRE 01380701
0 votes
Shaida Tafre…, , Manhattan Beach, CA
Tue Jun 18, 2013
yes i can do this jumbo at 10% down. i am a mortgage banker with broker sources.
i am Shaida Tafreshi Loan Officer and i work at RPM Mortgage, a direct lender with correspondent and broker channels.

contact me if you are still on the market or know anyone who does want to buy a 7 figure home with 10% down :)
1 vote
jumbosource, Other Pro, Valdosta, FL
Tue Nov 15, 2016
You can do up to 2.5mil with 10% down. Also up to 1 mil loan amounts with 5% down. No PMI, fixed rate or ARM.
Credit must be above 700 and the home must be owner occupied. Full income and asset documentation required (pretty much the case with any loan like this)

Reach out to us below if we can help
Jumbo Mortgage Source
Serving all 50 states
0 votes
Danny Ponder, Other Pro, Sacramento, CA
Thu Oct 20, 2016
We are an approved lender with First Rex which is a down payment partnership for jumbo loan purchases. if you have 10% down, they match 10%. google first rex for more info.
0 votes
Bill Cook, Mortgage Broker Or Lender, Manhattan Beach, CA
Sat May 21, 2016
I have a few programs with 10% down to $2.5 million.

You will need to have 9-12 months in PITI reserves.

It can be structured as one loan or two loans, ARM or fixed-rate depending on your credit scores.

I've been helping people finance their home for over 15 years.
0 votes
Financepro20…, Home Buyer, Houston, TX
Thu May 19, 2016
I can get this done for 10% down.
It will still depend on your credit score; need 680+, income, and need 6 months reserves.
0 votes
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Sun Mar 13, 2016
You may qualify for 5% down up to 1.5 million from a minimum 720 fico score. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

It only takes a few dozen questions to qualify and go over your options. Here are some links to study as well as web reference links to many loan program pages offered...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA/CalVet Loan Specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
0 votes
Greesyspoon12, Home Buyer, Agoura Hills, CA
Sun Feb 28, 2016
I'm looking for the same thing in Middlesex County - MA. Are there options for us?
0 votes
Susan Bo'ur, Agent, Manhattan Beach, CA
Tue Jan 29, 2013
Hello,

I have a wonderful lender I recommend to all my clients.

Fell free to contact me at (310) 600-4240 or Susan@BeverlyHillsLuxuryFlats.com
0 votes
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